The Advertising Agencies Association of India (AAAI) and Association of Radio Operators for India (AROI) have signed the Memorandum of Understanding (MoU) to promote advertising business on the radio medium and develop and implement a credit control and collection mechanism with standard operating procedures to ensure best credit terms and timely collections.
The MoU was signed on March 16 during a meeting between the Presidents of the respective associations, Nakul Chopra for AAAI and Anurradha Prasad Shukla for AROI. The MoU envisages a close working relationship between the two bodies through joint committees and standard procedures for the above mentioned purposes.
Shukla, Chairperson and MD of BAG Network, spelt out the benefits saying, âAAAI members will get the best terms from radio. AROI members will get timely payments. It is important and prudent to set up credit terms and even more important to ensure that terms are followed and payments are on time. A joint mechanism is the best way to ensure that.â
Chopra, also Senior Advisor at Publicis Communications, said, "From the perspective of AAAI this is at the heart of why we exist as a trade body to help businesses of our members flourish more smoothly. We are extremely pleased that we had similar relationships established with IBF and IOAA. Now we have signed with AROI. The smooth functioning of the relationship between these constituencies is vital to the health of our industry. This is to facilitate that business is conducted in a smoother, fairer and the highest standard of corporate.â
Tarun Katial, CEO, BIG FM, said, âItâs a landmark moment. AAAI and AROI signed the MOU on credit relationship for the benefit of all stakeholders. Thanks a lot Ashish Bhasin, Sam Balsara, Shashi Sinha, Abe Thomas, Anurradha Prasad for all your support. Look forward to a much better working relationship.â
It may be noted that commercial radio currently entirely operates through over 310 FM radio stations in the country with about 70 more to be under operation. Another 700 more stations are expected to be auctioned by the Government of India over the next one year. Also, being the last entrant in the Indian media space, the strong ground presence and the vitality, efficacy and viability of radio ( the only media that can be consumed while doing other activities) is only now being strongly realised by various advertisers and consumers.
AAAI and IBF already have a joint credit control mechanism for television. With the signing of the MoU a similar mechanism for radio advertising is being developed and the necessary groundwork for setting up joint committee, developing SOPs etc is already under process.
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